Axon Enterprise

Industrials Aerospace & Defense Scottsdale, Arizona Last filing Feb 25, 2026 · FY2025

                    Revenue
                    FY2025
                
$2.8B
                    3y CAGR +32.8%
                    
                    P100
                    
                    +33.5%
                    
                    Net income
                    FY2025
                
$124.7M
                    Net margin +4.5%
                    
                    P11
                    
                    -66.9%
                    
                    Total assets
                    FY2025
                
$7.0B
                    ROA +1.8%
                    
                    P4
                    
                    +56.4%
                    
                    Operating cash flow
                    FY2025
                
$211.3M
                    FCF margin +2.7%
                    
                    P3
                    
                    -48.2%

17 yrs · FY2009–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Running CAGR since the earliest displayed year.

Balance Sheet

Assets, liabilities, and equity

32 accounts · 10 years

Total assets $7.0B

Total liabilities $3.8B

Shareholders equity $3.2B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	+45.7%	+35.2%	+46.8%	+43.4%	+54.4%	+39.8%	+61.8%	+193.2%	+84.8%	—
Short Term Investments	+29.8%	+27.3%	+44.7%	+51.3%	-21.4%	+70.2%	+54.5%	—	-85.8%	—
Accounts Receivable	+28.4%	+45.6%	+46.3%	+53.5%	+65.8%	+87.5%	+52.4%	+106.1%	+70.2%	—
Inventory	+28.9%	+28.9%	+34.0%	+34.1%	+25.6%	+26.8%	+3.7%	-1.6%	+30.5%	—
Other Current Assets	+46.3%	+42.6%	+45.4%	+50.2%	+47.8%	+54.8%	+42.4%	+28.6%	+10.4%	—
Total Current Assets	+40.2%	+37.7%	+45.0%	+47.2%	+44.3%	+53.4%	+51.7%	+77.5%	+15.8%	—
Property,Plant and Equipment	+33.8%	+33.9%	+35.4%	+38.6%	+42.0%	+44.8%	+22.2%	+25.6%	+29.9%	—
Goodwill	+71.9%	+70.8%	+27.7%	+27.6%	+33.1%	+24.6%	+33.8%	+54.7%	+43.0%	—
Intangible Assets	+32.9%	+35.7%	+3.6%	-3.7%	+0.3%	-11.2%	-5.7%	+2.3%	+23.7%	—
Deferred Tax Assets	+33.3%	+35.3%	+35.5%	+34.0%	+36.2%	+14.0%	+0.7%	-15.5%	-41.9%	—
Other Noncurrent Assets	+46.3%	+42.6%	+45.4%	+50.2%	+47.8%	+54.8%	+42.4%	+28.6%	+10.4%	—
Total Assets	+43.1%	+41.5%	+43.0%	+47.4%	+43.4%	+49.3%	+44.9%	+60.8%	+21.6%	—
Liabilities
Accounts Payable	+32.9%	+26.8%	+29.6%	+33.2%	+24.6%	+22.5%	+34.1%	+18.8%	-20.0%	—
Accrued Liabilities	+44.8%	+40.6%	+40.1%	+43.0%	+41.6%	+34.6%	+35.1%	+50.1%	+28.8%	—
Deferred Revenue	+35.9%	+38.6%	+39.8%	+41.4%	+42.5%	+38.1%	+37.7%	+54.0%	+56.0%	—
Current Portion of Long Term Debt	—	—	—	—	—	—	—	—	—	—
Other Current Liabilities	+69.2%	+88.7%	+98.7%	+107.4%	+141.3%	+187.0%	+263.8%	-32.0%	+11.3%	—
Total Current Liabilities	+38.6%	+37.5%	+38.5%	+40.6%	+39.9%	+34.6%	+35.8%	+45.9%	+38.3%	—
Long Term Debt	—	—	—	—	—	—	—	—	—	—
Deferred Revenue Noncurrent	+27.6%	+31.6%	+31.4%	+35.5%	+35.9%	+29.1%	+30.0%	+36.3%	+37.0%	—
Operating Lease Liabilities Noncurrent	—	—	—	—	—	—	—	—	—	—
Deferred Tax Liabilities	—	+50.8%	+30.9%	+35.3%	+34.8%	+33.5%	+25.3%	-8.2%	-10.9%	—
Other Noncurrent Liabilities	+41.0%	+35.6%	+37.2%	+12.4%	+62.4%	+85.9%	+66.3%	+57.9%	-46.5%	—
Total Liabilities	+45.7%	+42.4%	+45.9%	+52.2%	+38.1%	+33.5%	+33.4%	+40.8%	+34.1%	—
Equity
Preferred Stock	—	—	—	—	—	—	—	—	—	—
Common Stock	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	—
Additional Paid In Capital	+33.2%	+31.6%	+32.5%	+35.8%	+42.3%	+50.5%	+41.2%	+55.4%	+7.5%	—
Retained Earnings	+25.9%	+27.2%	+20.4%	+13.8%	-1.5%	+9.5%	+13.4%	+20.4%	+4.2%	—
Treasury Stock	+0.1%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	—
Accumulated Other Comprehensive Income	—	—	—	—	—	-37.1%	—	—	—	—
Total Stockholders Equity	+40.6%	+40.8%	+40.3%	+42.6%	+47.4%	+59.5%	+53.3%	+76.0%	+11.0%	—
Total Liabilitiesand Equity	+43.1%	+41.5%	+43.0%	+47.4%	+43.4%	+49.3%	+44.9%	+60.8%	+21.6%	—

Income Statement

Revenue, expense, and profitability

20 accounts · 10 years

Revenue $2.8B

Operating income $-62.1M

Net income $124.7M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	+29.7%	+29.2%	+28.6%	+28.1%	+26.3%	+26.2%	+25.5%	+25.1%	+28.2%	—
Expenses Cost of Revenue	+31.1%	+30.9%	+29.8%	+29.5%	+27.0%	+28.3%	+31.8%	+28.6%	+39.9%	—
Expenses Research and Development	+41.2%	+39.6%	+38.8%	+40.3%	+44.7%	+41.6%	+48.7%	+58.5%	+80.9%	—
Expenses Selling,General and Administrative	+28.5%	+27.2%	+24.3%	+24.3%	+36.7%	+29.9%	+25.4%	+20.5%	+28.3%	—
Expenses Depreciation and Amortization	+41.5%	+38.1%	+26.8%	+36.0%	+38.6%	+35.9%	+45.9%	+70.3%	+119.8%	—
Expenses Share Based Compensation	+59.7%	+59.0%	+45.8%	+49.9%	+100.5%	+94.3%	+103.1%	+52.8%	+66.6%	—
Expenses Restructuring and Asset Impairment	+55.4%	—	—	—	—	—	—	—	—	—
Expenses Operating Expenses	+32.3%	+30.7%	+28.4%	+28.8%	+38.6%	+32.7%	+31.3%	+29.8%	+39.9%	—
Other Income Expense Gross Profit	+28.8%	+28.2%	+27.9%	+27.3%	+26.0%	+25.0%	+21.7%	+23.1%	+21.4%	—
Other Income Expense Operating Income	—	+7.9%	+25.6%	+19.5%	—	—	—	-11.7%	-59.1%	—
Other Income Expense Interest Income	—	—	—	—	—	—	—	—	—	—
Other Income Expense Other Income/expense	—	—	—	—	—	—	—	—	—	—
Other Income Expense Income Before Tax	-5.5%	+36.6%	+25.8%	+35.6%	—	—	-59.6%	-5.5%	-50.0%	—
Income Tax Income Tax Expense	—	-13.5%	—	+23.1%	—	—	-56.3%	—	-25.7%	—
net Income net Income	+24.5%	+47.0%	+39.3%	+42.8%	—	—	-62.9%	+29.9%	-69.9%	—
net Income Comprehensive Income	+24.6%	+45.8%	+38.0%	+40.8%	—	—	-58.5%	+26.9%	-84.3%	—
Earnings Per Share Basic Eps	+19.2%	+40.4%	+32.5%	+35.8%	—	—	-68.8%	+25.5%	-69.7%	—
Earnings Per Share Diluted Eps	+18.8%	+40.3%	+32.8%	+36.1%	—	—	-68.5%	+25.0%	-68.8%	—
Earnings Per Share Weighted Average Shares Basic	+4.5%	+4.6%	+5.0%	+5.1%	+4.7%	+4.1%	+4.0%	+3.5%	+0.1%	—
Earnings Per Share Weighted Average Shares Diluted	+4.9%	+4.9%	+5.0%	+5.2%	+4.3%	+3.6%	+3.9%	+4.0%	+0.7%	—

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 10 years

Operating cash flow $211.3M

Investing cash flow $-724.9M

Financing cash flow $1.3B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	+24.5%	+47.0%	+39.3%	+42.8%	—	—	-62.9%	+29.9%	-69.9%	—
Operating Activities Depreciation and Amortization	+41.5%	+38.1%	+26.8%	+36.0%	+38.6%	+35.9%	+45.9%	+70.3%	+119.8%	—
Operating Activities Stock Based Compensation	+59.7%	+59.0%	+45.8%	+49.9%	+100.5%	+94.3%	+103.1%	+52.8%	+66.6%	—
Operating Activities Deferred Income Taxes	—	—	—	—	—	—	—	—	—	—
Operating Activities Changes In Operating Assets and Liabilities	+19.4%	+10.4%	+19.6%	+22.5%	+17.3%	+7.7%	-30.8%	-32.8%	+4.5%	—
Operating Activities net Cash From Operating Activities	+29.2%	+44.8%	+36.8%	+49.4%	+42.6%	+16.2%	+45.9%	+73.8%	-12.6%	—
Investing Activities Capital Expenditures	+44.5%	+41.3%	+42.7%	+49.7%	+58.7%	+95.6%	+47.6%	+49.9%	+110.2%	—
Investing Activities Business Acquisitions	+78.6%	+91.1%	+29.2%	-8.1%	+44.9%	—	—	+19.4%	+203.7%	—
Investing Activities Purchases of Investments	+49.4%	+39.3%	+39.0%	+57.2%	+45.2%	+85.0%	+84.9%	-72.2%	-64.4%	—
Investing Activities Proceeds From Sale of Investments	+47.4%	+40.8%	+39.2%	+1.8%	+61.7%	+55.5%	+26.1%	-58.6%	-6.0%	—
Investing Activities Other Investing Activities	—	—	—	—	—	—	—	—	—	—
Investing Activities net Cash From Investing Activities	—	—	—	—	—	—	—	—	—	—
Financing Activities Proceeds From Debt	—	—	—	—	—	—	—	—	—	—
Financing Activities Proceeds From Stock Issuance	—	+53.3%	+96.7%	—	+155.1%	-11.4%	-38.0%	+91.7%	+189.3%	—
Financing Activities Tax Withholding On Stock Based Compensation	+80.0%	+54.7%	+79.9%	+18.4%	+184.7%	+44.9%	+31.7%	+182.4%	+94.9%	—
Financing Activities Other Financing Activities	—	—	—	—	—	—	—	—	—	—
Financing Activities net Cash From Financing Activities	—	—	—	—	—	—	—	—	—	—
Cash Reconciliation Effect of Exchange Rate On Cash	+26.9%	—	+12.5%	—	—	+21.5%	-28.7%	—	-18.7%	—
Cash Reconciliation net Change In Cash	—	—	—	—	—	—	—	—	—	—
Cash Reconciliation Cash At Beginning of Period	+44.6%	+34.4%	+45.3%	+41.7%	+52.0%	+37.1%	+57.7%	+182.6%	+78.4%	—
Cash Reconciliation Cash At End of Period	+44.6%	+34.4%	+45.3%	+41.7%	+52.0%	+37.1%	+57.7%	+182.6%	+78.4%	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+59.7%	+59.6%	+61.2%	+61.2%	+62.7%	+61.1%	+57.9%	+61.6%	+60.2%	+63.6%
Operating margin	-2.2%	+2.8%	+10.0%	+7.8%	-19.5%	-2.1%	-1.2%	+5.9%	+3.8%	+11.9%
Net margin	+4.5%	+18.1%	+11.3%	+12.4%	-7.0%	-0.3%	+0.2%	+7.0%	+1.5%	+6.4%
FCF margin	+2.7%	+15.8%	+8.3%	+15.1%	+8.6%	-5.0%	+9.4%	+12.6%	+2.3%	+6.0%
Growth
Revenue CAGR (3y)	+32.8%	+34.1%	+31.8%	+30.8%	+27.1%	+25.6%	+25.5%	+28.5%	+27.8%	+24.9%
Returns
ROE	+3.8%	+16.2%	+10.9%	+11.6%	-5.7%	-0.2%	+0.2%	+6.2%	+3.1%	+11.5%
ROA	+1.8%	+8.4%	+5.2%	+5.2%	-3.6%	-0.1%	+0.1%	+4.1%	+1.5%	+6.2%
ROIC	-1.6%	+2.3%	+15.4%	+7.6%	-24.2%	-1.7%	-0.7%	+21.1%	+4.7%	+15.9%
Liquidity
Current ratio	2.53x	2.30x	3.14x	3.00x	2.65x	3.83x	3.17x	3.36x	1.90x	2.27x
Quick ratio	0.82x	0.46x	0.79x	0.60x	0.86x	0.63x	0.89x	2.12x	0.70x	0.53x
Leverage
D/E	1.16x	0.92x	1.11x	1.25x	0.61x	0.41x	0.56x	0.54x	1.02x	0.84x
Interest coverage	—	—	—	—	—	—	—	—	—	—
Efficiency
Asset turnover	0.40x	0.47x	0.46x	0.42x	0.51x	0.49x	0.63x	0.58x	1.02x	0.96x
Cash conversion cycle	+67d	+85d	+125d	+115d	+89d	+94d	+22d	+44d	+99d	+91d

Valuation

Price against fundamentals

AXON $752 · 2025-09-17 · 363d old · FY2025

Market cap $61.9B

P/E 496.78x

P/S 22.28x

P/B 19.10x

EV $62.5B

EV/EBITDA 2965.91x

FCF yield +0.1%

Dividend yield —

Notes

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